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Give FOUR aspects a farmer should consider when conducting a market survey - NSC Agricultural Management Practices - Question 3 - 2020 - Paper 1
Question 3
Give FOUR aspects a farmer should consider when conducting a market survey. - Location of the market/demographic of the market - The products that consumers need - ... show full transcript
Worked Solution & Example Answer:Give FOUR aspects a farmer should consider when conducting a market survey - NSC Agricultural Management Practices - Question 3 - 2020 - Paper 1
Step 1
FOUR aspects a farmer should consider when conducting a market survey
Answer
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Location of the market: Understanding where the market is located helps in determining logistics and accessibility.
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Consumer demographics: Knowing who the potential buyers are assists in tailoring products that meet their preferences.
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Pricing strategy: Awareness of what consumers are willing to pay is essential for establishing competitive pricing.
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Competitors: Identifying and analyzing competitors allows the farmer to differentiate their offerings and strategize accordingly.